EVA Wax Market Worldwide Growth, Demand, Restraints, Opportunities...

Posted 2022-03-07 14:02:47

COVID-19 Impact on EVA Wax Market

The COVID-19 outbreak has adversely affected the demand for EVA wax in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for EVA wax.
Key customers for EVA wax are related to cable, rubber, and plastic industries. Manufacture and supply chain facilities of these manufacturers are spread across various regions in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these customers have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of EVA wax.
The COVID-19 outbreak has directly affected the production of EVA wax. The industrial shutdown caused by the COVID 19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.

Rise in demand for EVA wax in various different industries such as plastic, cable, rubber, and automobile is a significant actor that can help EVA wax market grow during the forecasted period. Many of the industries mentioned above are expected to expand significantly during the next few years, thus driving the EVA wax market.
Increase in usage of EVA wax in consumer goods such as shoes, slipper, bags, and paints can also boost the EVA wax market. EVA wax is also environment friendly and can be easily recycled. Increase in focus on environment and sustainability is likely to drive the EVA wax market.

Availability of substitutes is expected to challenge the market growth in the near future. There are many different synthetic wax in the market that can replace EVA wax in various application. Among alternatives, some are even cheaper than EVA wax and hence can hinder the growth of the EVA wax market.

In terms of region, the global EVA wax market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific dominated the global market in 2020. Asia Pacific is the largest market for EVA wax due to substantial investments in automobile and plastic industries in China, Japan, and India. Growth of the construction industry in the region is likely to boost the plastic industry. The electrical industry is also expected to expand significantly, thus driving the demand for cables. Major production of chemicals, plastics, and rubber takes place in Asia Pacific. Thus, the EVA market in the region is likely to expand significantly in the near future.
Europe and North America are also key consumers of EVA wax. These regions are expected to account for significant growth of the packaging industry, especially environment friendly food packaging. EVA wax is one of the alternatives; therefore, demand for EVA wax is expected to rise in these regions in the near future.